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IMF board member says Fund taking big risks with Ukraine loan

The logo of the International Monetary Fund at the organization's headquarters in Washington, DC on May 16, 2011Brazil’s representative at the International Monetary Fund has warned that the Fund risked making the “same mistake” with its rescue loan to Ukraine as it did in Greece. The Fund’s $17 billion loan program for Kiev set in April “is flawed, or questionable at least,” said Paulo Nogueira Batista, executive director in the IMF for Brazil and ten other countries, in a statement to the board obtained Tuesday by AFP. Speaking on his own behalf last week as the board met to release more funds to Ukraine, Nogueira Batista noted that the first IMF-European Union bailout plan for Greece foundered in part because the restructuring of the country’s huge debt was undertaken at the beginning. “Is the Fund not yet again avoiding or unduly delaying the issue of debt restructuring?” he asked the board.

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